Private sector lender preps for life during COVID announcing the initiative on a pilot basis for savings account opening. May extend the service for other products in a phased manner.

MUMBAI: Kotak Mahindra Bank on Monday has introduced video-KYC facility for customers opening savings account on Kotak 811 - the banks digital banking platform. The private lender is the first Indian bank to offer video based "zero-contact" onboarding service.

The initiative is presently being launched on a pilot basis for savings accounts, Kotak Mahindra said in a press release. "The video KYC process to onboard new customers will be extended to other products in a phased manner," the bank said in a statement.

With Video KYC, verification of documents, signature are completed via a video call with representative from the bank without any physical interface.

“In the new normal world that we must now adapt to in the aftermath of COVID-19," said Shanti Ekambaram, group president consumer banking, Kotak Mahindra Bank.

"In this context, Video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction."

In January 2020, the Reserve Bank of India amended the Know Your Customer (KYC) norms and introduced
the video-based KYC option to onboard customers. Kotak is the first bank to integrate the Video KYC process
in the account opening journey.